This operating agreement exhibit states the intent of the Parties that each Party shall have the right to take in kind and separately dispose of its proportionate share of gas (including casinghead gas) produced from each formation in each well located on the acreage (the "Contract Area") covered by the Operating Agreement.
Texas Exhibit E to Operating Agreement Gas Balancing Agreement - Form 3
Category:
State:
Multi-State
Control #:
US-OG-747
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Exhibit E To Operating Agreement Gas Balancing Agreement - Form 3?
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How to Write an Operating Agreement Download the operating agreement form from the Texas Secretary of State website and enter your company name. Enter the document's effective date. Enter the state of location and the full name and business address of the owner(s).
Texas LLC Operating Agreement ($0) Single-Member LLCs and Multi-Member LLCs should draft an Operating Agreement, keep it with their business records, and give a copy to each Member. Most websites charge $50 to $200 for LLC Operating Agreements.
An operating agreement isn't mandatory. But it's a great idea to have one in place, even if your LLC only has one member and you're in charge of making all of the decisions.
The document doesn't need to be notarized or filed with the state. While the state law is silent on what happens if you don't have an operating agreement, it's a risk you don't want to take.
An LLC operating agreement should contain provisions to cover: Basic information about the LLC. ... A profit and loss allocation plan. ... The LLC's purpose. The management structure. ... Ownership percentages of each member. ... Voting rights and procedures. ... Meeting frequency. Procedures for bringing in new members.
The Relationship Under a Joint Operating Agreement The standard Form 610 establishes a contractual basis for these multiple leasehold cotenants to operate the properties, jointly share costs and liabilities, and own equipment and production in proportion to their respective percentage of ownership and burdens.
